Earthquake insurance

Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary homeowners insurance policies do not cover earthquake

Most earthquake insurance policies feature a high deductible, which makes this type of insurance useful if the entire home is destroyed, but not useful if the home is merely damaged. Rates depend on location and the probability of an earthquake loss. Rates may be cheaper for homes made of wood, which withstand earthquakes better than homes made of brick.

In the past, earthquake loss was assessed using a collection of mass inventory data and was based mostly on experts' opinions. Today it is estimated using a Damage Ratio(DR), a ratio of the earthquake damage money amount to the total value of a building. Another method is the use of HAZUS, a computerized procedure for loss estimation.

As with flood insurance or insurance on damage from a hurricane or other large-scale disasters, insurance companies must be careful when assigning this type of insurance, because an earthquake strong enough to destroy one home will probably destroy dozens of homes in the same area. If one company has written insurance policies on a large number of homes in a particular city, then a devastating earthquake will quickly drain all the company's resources. Insurance companies devote much study and effort toward risk management to avoid such cases.

Earthquake insurance

Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary homeowners insurance policies do not cover earthquake

Most earthquake insurance policies feature a high deductible, which makes this type of insurance useful if the entire home is destroyed, but not useful if the home is merely damaged. Rates depend on location and the probability of an earthquake loss. Rates may be cheaper for homes made of wood, which withstand earthquakes better than homes made of brick.

In the past, earthquake loss was assessed using a collection of mass inventory data and was based mostly on experts' opinions. Today it is estimated using a Damage Ratio(DR), a ratio of the earthquake damage money amount to the total value of a building. Another method is the use of HAZUS, a computerized procedure for loss estimation.

As with flood insurance or insurance on damage from a hurricane or other large-scale disasters, insurance companies must be careful when assigning this type of insurance, because an earthquake strong enough to destroy one home will probably destroy dozens of homes in the same area. If one company has written insurance policies on a large number of homes in a particular city, then a devastating earthquake will quickly drain all the company's resources. Insurance companies devote much study and effort toward risk management to avoid such cases.

Latest News for: Earthquake loss

According to UNISDR, direct economic losses from disasters such as earthquakes, tsunamis, cyclones and flooding are now reaching an average of $250 billion to $300 billion annually ... A study released by the UNISDR last year said India suffered economic losses of $80 billion during the 20-year period of 1998 to 2017....

It is sobering to note that unsafe infrastructure which collapses in an earthquake or tsunami kills more people than any other type of natural hazard, such as a tornado or a storm. Economic losses from disasters that damage infrastructure can reach huge proportions ...losses....

The pool rests on a badly damaged building that is tilting, sinking and could easily come down in the next earthquake, if not on its own ...It’s vulnerable to loss of coolant, the collapse of a nearby building, another earthquake, another tsunami and more....

Still, last Saturday’s 1-0 road loss to Real Salt Lake (1-0-1) is tough to take, said fullback Jake Nerwinski ... In the opening game of the season, the ‘Caps went down 3-1 in the 70th minute en route to a 3-2loss to MinnesotaUnited ... POINTLESS ... The San Jose Earthquaks and Philadelphia Union also have a pair of losses going into week three ... ....

A message sent by CardinalPietro Parolin, Vatican secretary of state, on behalf of PopeFrancis, said the pope was "deeply saddened to learn of the injury and loss of life cause by the senseless acts of violence" at the mosques ... This is the second major tragedy involving significant loss of life in Christchurch in the last decade....

Property related risks encompass fire, burglary, flooding, earthquake, terrorism or malicious damage etc. Business interruption or loss of profit, is another critical risk that needs to be considered as an integral part of property portfolio ... pay the total costs following a loss....

They’re already costing the country billions of dollars in losses, which only stand to grow in the coming years ... The combination of strong building codes that reflect current knowledge and rigorous inspection regimes leads to far less injury, loss of life and property damage from severe weather (and earthquakes)....

2 plant, TEPCO and other power distributors could suffer big financial losses... severe losses for utilities that have invested in the company ... However, the 2011earthquake and tsunami caused the loss of outside power sources and an emergency power generator to stop at the Tokai No....

Allergies. Many people turn to nasal sprays and antihistamines to combat seasonal nasal allergies or hay fever, but keeping the home clean is just as important in the fight against allergies ... It also does not cover losses from flooding, earthquake, and hurricane unless you insure your valuables by a special endorsement or policy ... Tech ... Share safely ... ....